Retail Building in
For Sale
$675,000
1231 Whitney Avenue, Hamden, CT 06517
Free-standing retail building in prime location with high traffic.
Property Size4,080 SF
Price / SF$165.44
Days on Market499
Property Features for 1231 Whitney Avenue
General Information
Standard status
Active
Size
4,080 SF
Property subtype
General Commercial
Amenities
3
T3.5
12 Parking Spaces.
Building Details
Year Built
1925
Listing Agency:
Press/Cuozzo Realtors
(203) 288-1900
Listed By:
John Cuozzo · License #REB.0152492
Source:
Xome
Added: Apr 13, 2025
Changed: Aug 23
Last Checked: Aug 24 at 3:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Press/Cuozzo Realtors
Investment Insights
Based on property information with market context.
Located in the desirable Whitneyville area on the corner of Putnam Avenue, this free-standing, one-story retail building offers 4,080 square feet of space. The brick building is in prime condition and is currently divided into two spaces: one measuring 3,030 square feet and the other 1,050 square feet. Each space has its own new or newer utilities. The building could be easily converted into a single, larger 4,080 square foot space. The property benefits from high exposure, with 13,300 cars passing by daily. Basement storage is available, measuring 44' x 21', with access from an outside hatch or interior staircase. This property presents a great opportunity for an owner-user or investor.
Key Highlights
- Prime Whitneyville location on Putnam Avenue.
- Free‑standing 4080 sq ft brick retail building in prime condition.
- Currently divided into two spaces with separate utilities.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,914
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,178,280
$1.2M
Cap Rate 7%
$841,629
$841.6K
Cap Rate 9%
$654,600
$654.6K
Market Conditions
NOI Build-Up for 4,080 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$88.1K $21.60/SF
− Vacancy
−$4.0K −$0.97/SF
EGI
$84.2K $20.63/SF
− OpEx
−$25.2K −$6.19/SF
NOI
$58.9K $14.44/SF
Area
New Haven, CT
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,178,280
Cap Rate 7%
$841,629
Cap Rate 9%
$654,600
Alternative Uses
Best Use
Retail
$841.6K
$736.4K – $981.9K
NOI $58,914 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,871 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
7k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Citgo
Shops & Services
7,082 visits/mo
0.2 miles
Demographics for 06517, CT
14,954
Population
6,875
Households
2.2
Avg Household Size
45
Median Age
52%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
2,991
Density / Sq Mi
$97,154
Median Household Income
$58,025
Median Earnings
$1,351
Median Rent
$313,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Free-standing retail building in prime location with high traffic.
Where is this storefront property located?
The property is located at 1231 Whitney Avenue Hamden, CT.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Prime Whitneyville location on Putnam Avenue.; Free‑standing 4080 sq ft brick retail building in prime condition.; Currently divided into two spaces with separate utilities.
